The Blytheco Sage MAS 500 eNews for December 2007

Processing 1099's at Year End in MAS 500
With January right around the corner, now is the time to prepare for 1099 processing! Sage MAS 500 supports the following forms: 1099-DIV, 1099-INT, and 1099-MISC. Sage MAS 500 prints two vendors or individuals on the 1099-DIV form, 1099-INT form, and 1099-MISC form. The Magnetic Media option under the 1099 Forms task creates an electronic file called IRSTAX. You will be prompted for the drive on which to save the file. The IRS no longer accepts 3½-inch diskettes for filing information returns; you must file your 1099's electronically. Please refer to the IRS Web site for more information. For online IRS assistance, the IRS home page is http://www.irs.gov. A list of all available IRS forms and publications can be found at: http://www.irs.gov/formspubs/index.html. Magnetic Media and Forms instructions can be found at http://www.irs.gov/pub/irs-pdf/p1220.pdf. Information on Electronic Filing can be found at:
http://www.irs.gov/pub/irs-pdf/p3609.pdf.

Note: 1099 printing and Magnetic Media/Electronic Reporting for 2007 are available on versions 6.3, 7.0 and 7.05. Prior versions are not supported. Before processing 1099's, you must download the December service pack, or monthly update, that includes 1099 updates. These downloads will be available near the end of December on our Sage Support Online.

Use 1099 beginning balances to establish 1099 information tracked outside of Sage MAS 500. This is especially useful when a company implements Sage MAS 500 in the middle of a calendar year. The beginning balance can be entered manually or by utilizing the beginning balance import function. Sage MAS 500 enables you to edit or make corrections to 1099 vendor information and amounts prior to releasing or submitting information to the IRS through the 1099 Forms task. You can edit 1099 data before submitting records, as well as un-submit records, so that pre-submission corrections can be made.

Using the IRS 1099 Corrections task, you can enter and flag corrections requested by the IRS. This task is used to make corrections only if you receive notification back from the IRS that filing a correction is necessary. Some types of corrections requested by the IRS require submission of both the original (incorrect) 1099 form and the corrected 1099 form. More details on 1099 processing are found on the Sage Support Online website.

As always, Blytheco is glad to help! Give us a call with your year-end preparation and processing questions. If this is your first time closing Sage MAS 500, you might consider one-on-one training with a Blytheco Certified Consultant for you or your staff. Please contact us at solutions@blytheco.com or call (800)425-0943 to schedule your year-end processing training.